Condo Financing in South Florida

This is a good news report but doesn’t discuss the problems with Fannie Mae financing, but it is still interesting to watch.

BUYERS NAVIGATING CONDO FINANCING?

Because of all the new condo changes with Fannie Mae here is what you should try to ask the association upfront regardless of the down payment:

1) Are there any special assessments?

• If so, do any relate to safety and health issues.
• Are they completed?

2) Is the building over 40 years old (Broward and Dade only)

• If so, do they have their 40-year inspection done?
• Were there any repairs needed and if so, are they done?

3) Do they have a recent engineering report or inspection report of the building?

4) Is there any pending litigation outstanding with the building?

5) Have they ever done a reserve study (regardless of down payment ask this)?

Watch the video from Channel 5, WPTV to see how things have changed since the Surfside condo collapse.